David Wesley Wells, a broker from Hanover, Pennsylvania, allegedly misappropriated funds while serving for the Counsel Trust Group, an independent contractor office associated with Mid Atlantic Capital Corporation, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

Investors who believe they may have lost money in activity related to David Wesley Wells’ alleged misappropriation of customer funds are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

Wells was subsequently terminated by Mid Atlantic Capital Corporation on December 21, 2016, according to the aforementioned AWC.

Next, FINRA allegedly opened an investigation into allegations of Wells aforementioned behavior, and, on February 24, 2017, made requests that Wells provide documents and information to FINRA by March 8, 2017, the AWC notes.

David Wesley Wells Barred by FINRA from Associating with any FINRA Member in any Capacity; Wells Allegedly Refused to Produce Information and Documents Pursuant to FINRA Rules

David Wesley Wells allegedly refused to produce information and documents as requested in the course of a FINRA investigation, according to the aforementioned AWC currently under review by attorneys Alan Rosca and James Booker.

Wells, based on the aforementioned behavior, has been barred by FINRA from associating with any FINRA member in any capacity, the AWC reports.

In July 1999, Wells purportedly became registered with FINRA as a General Securities Representative and as an Investment Banking Representative in May 2010 with Mid Atlantic Capital Corporation where he remained until December 2016, the AWC notes. Wells is also currently not associated with any FINRA member, the AWC reports.

Wells is also registered with the SEC as an Investment Advisor, according to SEC Documents.

One should also note that, according to the AWC, David Wesley Wells neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of investment fraud and are currently investigating David Wesley Wells’ alleged misappropriation of customer funds. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of David Wesley Wells’ alleged misappropriation of customer funds may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.

Tell Us About Your Case

MoneyLife Interview with Joe Peiffer:
Your browser does not support the audio element.